Impellam Share Discussion Threads

[nfs] 01/11/2010 10:50

Mikeja
I am kicking myself not getting in here up to now(acquired first time today).The rate of debt reduction is very strong,due to earnins leaps and good cash flow, and thus the market cap is adjusting upwards so that when debt is fully paid off the mkt cap will equate to the Enterprise value
Well done to all who are here from well beow £1

[mikeja] 26/10/2010 10:01

I see Cenkos have forecast eps at 43.3p and profits of £25.7m for this yr,which looks conservative to me,possibly they are factoring a higher tax charge than me.Equally STAF a smaller co in same business have eps forecast at about 23p for this yr yet are selling at 192.Given that IPEL are 3x as large in profit terms one would expect them to be rated at a premium.On the same basis as STAF they should be around 350p.

[mikeja] 22/10/2010 15:36

Very much doubt takeover,spoke to FD,results will be early Feb.

[cb7] 22/10/2010 08:31

although Ipel have traditionally been short on giving investors much info, (just look at their result statements), I thought this latest trading statement was their IMS... especially as it referred to the debt situation at the end of the third quarter. As things are now very positive, perhaps even they couldnt resist pushing out a rns

[purav] 22/10/2010 07:57

to me looks like they are stoking it for a takeover?
what else was the announcement for?

[purav] 22/10/2010 07:57

to me looks like they are stoking it for a takeover?
what else was the announcement for?

[mikeja] 22/10/2010 06:49

On a readthrough from STAF IPEL should be about 350p

[cb7] 21/10/2010 10:04

Yes pre-tax. I think its always better to err on the cautious side. And yes, of course I anticipate them beating my figures, but again I'm obvioiusly more conservative in my expectations.

[mikeja] 21/10/2010 08:59

That is VERY conservative CB7,presumably you are talking about pretax,they made £10.4m in H1 and obviously they are making much more now.Cash flow is double what it was in H1,on that basis we can look for pretax of more than £28m for the year or eps north of 50p.

[cb7] 21/10/2010 08:32

profits should be around £20m, mkt cap @ 180p still only 80m

[mikeja] 21/10/2010 07:31

Cash flow of almost £11m in 3 mos and obviously accelerating,despite the push up today is still only selling at about 1.5x next years cash flow.Will be throwing off cash like a drunken sailor,hopefully more productively.

[crimeprotection1] 15/10/2010 11:30

Yes, looking good, very little news comes out of this company and the volume doesn't look like any kind of leak but even without news this is definately undervalued even with todays rise.

[morkandmindy] 15/10/2010 11:19

Breakout today i notice. Fundamentals look excellent.

[crimeprotection1] 18/8/2010 10:21

Add a further reduction in debt also and this looks increasingly like a total no brainer!

[mikeja] 18/8/2010 06:10

Over the past 3 half yrs the pretax profits have been -£1.4m,+£7.3m and +£10.5m.The trend should be helped by falling interest charges for H2 which generally seems to be the more profitable half.Over the full yr profs could comfortably reach £23m so the shares are probably selling on 3x pe. even after recent rise.

[purav] 11/8/2010 16:24

they could sell the medical agency for £100m..
and have 80% of the business still
now its not a head case...

[chickenchowmein] 10/8/2010 16:08

Ashcroft does have a knack at this kind of thing though. If anything the fact that he has 57 percent of the company at a time when they have just knocked 30 mil off there debt

he has done this over and over, it's how he made his dosh

if I had seen this and the director buy back in march I would have nought these out of princple. Shame but I'm in at £125 so not all bad

[waterloo01] 10/8/2010 15:44

I think the Ashcroft connection put many off, plus uncertainty over merger synergies. I also think that a lot of shares (I can think of a few more) just aren't covered by many/any broker comment.

[chickenchowmein] 10/8/2010 15:32

Waterloo, yes that is some comparison

the fact that they have shown they have got to grips with the costs speaks volumes, why were these so lowly rated

[waterloo01] 10/8/2010 15:19

Thanks. Feels good to get some right (especially on the back of ones own research). Do feel these have further to go, esp given the current NAV, serious turnover, pick up in US job market (although slower than one hopes), and continued integration cost savings.

Curent market cap £68m. Turnover £544.4 million (6 months), Gross profit £88.5 million (6 months), operating profit £12.5 million (6 months)

When you compare to someone like Hays, who have a market cap of over £1227m on 6 month turnover of £1228m (6 months to end Dec) and operating profit of £8m (6 months to end Dec) you can see how IPEl still remains seriously undervalued!

[knowing] 10/8/2010 14:58

Yes well done.

[chickenchowmein] 10/8/2010 14:57

Waterloo

well done I wish I had your forsight, although I don't see these dropping from this level, but after a 5 bagger I suppose you should.

[waterloo01] 10/8/2010 14:31

Thought for about a year I was the only one interested in these or was it to do with the fact Lord Ashcroft is the major shareholder?. Seems some good results post merger/integration has come good. I bought just after merger as I thought the NAV looked really low and a closer eye on costs would rocket to the bottom line.

Having made 5x on these I've slightly lightened the load (taken profits) but still have a decent holding. FYI - The MD made a great purchase at 30p odd. At the time the price didn;t move at all, which was short sighted of the market.

[bogman3] 10/8/2010 13:31

Thank you,

B.

[chickenchowmein] 10/8/2010 13:17

Hi

it's in the previous rns's I think she bought at 900000 30p in march or may 09

the company website shows the institutional holdings

regards